JACKSONVILLE, Fla. - Barnett Banks Inc. said it had signed a letter of intent to sell BTI Services Inc., its student loan servicing unit, and the Barnett Higher Education Loan Program, its student loan origination division, to Union Bank and Trust Co. of Lincoln, Neb. Terms were not disclosed.

Barnett said BTI services a total portfolio of more than $4 billion in student loans and guarantee agency assets for various clients, including Barnett. Over the last two years, the loan origination division has booked about $400 million in new student loans, the company said.

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